Gas At $4.89Enlarge Photo
According to experts, it's likely that pump prices could rise significantly—up to 15 cents per gallon—before the busy Thanksgiving travel weekend.
For those who plan on Interstate travel, that perhaps means shelling out a few extra bucks of gas money. And if the higher prices persists, it could put a noticeable dent in consumers' already very fragile family budgets.
The reason for rising prices this time doesn't have much to do with the spike in holiday weekend demand, and isn't related to refinery issues. This time it's the Federal Reserve's decision to try to stoke the U.S. economy by purchasing $600 billion in government bonds. According to CNN, citing Lundberg Survey publisher Trilby Lundberg, the Fed's move will depress the dollar in oil trades and raise pump prices on gasoline and diesel by up to 10-15 cents per gallon, with rises beginning this next week.
According to the U.S Energy Information Administration, the the national average for a gallon of regular gasoline is about $2.81, while diesel runs about $3.07. Prices on the West Coast remained highest, at about $3.08 for gasoline, while Gulf Coast states averaged just $2.64.